Buying, renovating and
renting out an apartment in Wola.

The client lived permanently in France and wanted to invest in a Warsaw property without needing to personally oversee each stage on the ground. He needed a local partner who would take full responsibility for the entire process: from selecting the apartment, through negotiation and formalities, to renovation, furnishing and rental.

The goal was to create a finished investment product that, once the works were complete, would be attractive to long-term tenants — not an apartment to be finished off by the client, but a complete, functioning rental product.

The apartment had a very good location, but required a full renovation. Before works began, the unit was in an older standard and did not meet the expectations of today's rental market — it needed a refreshed layout and finish, replacement of installations, a new kitchen, bathroom, built-in furniture and complete equipment. For context on what tenants in Warsaw typically look for, see our guide to the best districts to live in Warsaw.

The key challenge was maintaining a balance between renovation quality, the investment budget and the apartment's future appeal to tenants — so that the cost of works would not erode the yield, while the final result still matched what a long-term tenant in this location would expect.

Warsaw Investor Care guided the client through the entire investment process. We first analysed the market and selected a property that made sense both in terms of location and rental potential. We then supported the client through negotiations that brought the price down from 660,000 PLN to 605,000 PLN.

This gallery shows the real starting point of the investment: hallway, kitchen, rooms and bathroom as they stood before any construction or finishing work began.

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Once the renovation was complete, the apartment was completely transformed and prepared for rental. This gallery shows the final result: finished interiors, kitchen, bathroom, bedroom, built-ins and equipment details.

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Once the renovation was complete, the apartment was rented out for 4,100 PLN per month plus around 450 PLN of service charge. Annual rental income comes to 49,200 PLN, not including the service charges paid separately by the tenant.

The complete cost base used for every yield below is approximately 814,000 PLN. Annual rent to the owner is 49,200 PLN, producing a 6.04% gross yield on the full amount invested — never on the purchase price alone.

Warsaw Investor Care continues to manage this tenancy. The management fee is 10% net plus VAT of the 4,100 PLN monthly rent: 504.30 PLN per month and 6,051.60 PLN per year. Income after management is 43,148.40 PLN per year, equal to a 5.30% yield. An illustrative Polish private-rental tax of 8.5% of rent is 4,182 PLN per year, leaving 38,966.40 PLN after management and Polish tax, or an illustrative 4.79% yield. The tax is calculated on rental revenue before management because management costs are not deducted under the lump-sum regime. See the Polish Ministry of Finance guidance on private rental income.

The approximately 450 PLN service charge is paid separately by the tenant and is excluded from the owner's rental income. The figures remain before vacancy, repairs, insurance and any tax due outside Poland.

Beyond rental income, the renovation itself created a measurable increase in market value. Based on comparable renovated, turnkey units in the same micro-location, the apartment's estimated market value after renovation is around 920,000 PLN — roughly 21,395 PLN/m². That sits well above Wola's district-wide average of around 17,572 PLN/m² for mostly unrenovated secondary-market stock (see our Wola property guide and our comparison of the best districts in Warsaw for property investment), which reflects the full renovation, made-to-measure furnishing and rental-ready condition rather than the district average alone.

Against the full invested cost of around 814,000 PLN, that implies an estimated unrealised capital gain of around 106,000 PLN on top of the ~6% gross rental yield — a combined return that sits above what a buy-and-hold strategy on unrenovated stock in the district would typically deliver.

This also tracks the broader direction of the Warsaw market. According to the National Bank of Poland's quarterly BaRN residential price data, secondary-market apartment prices in Warsaw rose by around 50.7% over the past five years, with new-build transaction prices up around 54.5% over the same period and around 115.7% over ten years (NBP data, compiled by Deweloperuch.pl). More recently the market has cooled: NBP's preliminary Q1 2026 data puts Warsaw's average secondary-market transaction price at around 16,393 PLN/m², down about 1.7% year-on-year, while new-build transaction prices held broadly flat at 16,475 PLN/m² (+0.2% y/y) (NBP BaRN, via OnGeo.pl). For buyers, that combination — strong multi-year appreciation against a currently flat-to-soft short-term market — supports a long-hold strategy over short-term flipping.

The project concluded with a complete investment property: from purchasing an apartment in a good location, through a full renovation, to renting out a finished unit. The client received an apartment after full modernisation, with a new kitchen, made-to-measure wardrobes, replaced installations, refreshed floors and full furnishing.

Most importantly, the entire process was carried out locally, without the client — based in France — needing to personally oversee a single stage. Warsaw Investor Care also continues to manage the long-term tenancy at 10% net plus VAT of the monthly rent.